Mubadala’s CEO said the company had been following the performance of SoftBank for more than three decades, adding that the Japanese tech giant had a “very strong track record” with previous investments.

However, while SoftBank’s previous investments were certainly relevant, Al Mubarak said the key for the UAE’s state fund was to find the “right assets at a risk-acceptable valuation.”

Switching oil for tech

Abu Dhabi, the capital of the United Arab Emirates and home to around 6 percent of the world’s proven oil reserves, is looking to reduce its reliance on crude after prices collapsed in recent years.